Industrial Robotics Market in Europe to Grow by USD 2.23 bn during 2020-2024, reports Technavio
LONDON–Technavio has been monitoring the industrial robotics market in Europe and reports that it is poised to grow by USD 2.23 bn during 2020-2024, progressing at a CAGR of almost 11% during the forecast period.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities.
Frequently Asked Questions:
- What is a major trend in the market?
Demand for collaborative robots across industries is a major trend driving the market growth.
- At what rate is the market projected to grow?
The year-over-year growth for 2020 is estimated at 8.33% and the incremental growth of the market is anticipated to be $ 2.23 bn during the forecast period.
- Who are the top players in the market?
BB Ltd., b+m surface systems GmbH, Comau Spa, DENSO Corp., FANUC Corp., KUKA AG, OMRON Corp., Staubli International AG, Teradyne Inc., and Yaskawa Electric Corp, are some of the major market participants
- What is the key market driver?
Rising industrial automation is the major factor driving the market.
- How big is the Automotive market?
The automotive market will contribute 45% of the market share.
The market is concentrated, and the degree of concentration will accelerate during the forecast period. ABB Ltd., b+m surface systems GmbH, Comau Spa, DENSO Corp., FANUC Corp., KUKA AG, OMRON Corp., Staubli International AG, Teradyne Inc., and Yaskawa Electric Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.